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kari74 [83]
3 years ago
10

a man invests a total of 5000 in a bank account that yields 5% interest compound monthly. how much will it be worth after 6 year

s?
Mathematics
1 answer:
kaheart [24]3 years ago
7 0

Answer:

  6745.09

Step-by-step explanation:

If we assume the nominal annual interest rate is 5%, then the future value after 6 years is ...

  FV = P(1 +r/12)^(12·t)

for P = 5000, r = .05, t = 6.

Doing the arithmetic, we get ...

  FV = 5000(1 +.05/12)^(12·6) ≈ 6745.09

After 6 years, the bank account will be worth 6745.09.

_____

We made a comment about the interest rate, because the annual <em>yield</em> is about 5.116%. If the <em>annual yield</em> is actually 5%, then the account value is lower: $6700.48. (Monthly compounding is irrelevant in that case, because it is already figured into the yield.)

Usually, the wording would be that the account <em>earns</em> 5% interest compounded monthly.

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